Ullal: Murder attempt on youth; locals chase, catch one of the accused

Dubai, Jul 25: The founder of NMC Health, BR Shetty, has had a worldwide freezing order placed on his assets at the request of a lender that claims he has defaulted on a loan of more than $8 million (Dh29.4m).

The order was granted to Credit Europe Bank (Dubai) last month ahead of a claim filed at the DIFC Courts against Mr Shetty, New Medical Centre Trading and NMC Healthcare.

The lender said in its claim they “are jointly and severally liable” for the repayment of money initially secured through a credit agreement in December 2013 and renegotiated in December last year. Credit Europe Bank is an Amsterdam-headquartered institution specialising in trade and commodities finance with operations in nine countries.

The credit agreement was guaranteed by two security cheques which the bank said in its claim were signed by Mr Shetty – one drawn on his personal account and another on the account of New Medical Centre Trading – that have been "dishonoured upon presentation due to insufficient funds".

The bank claimed Mr Shetty “has now fled the jurisdiction of the UAE to India” and that there was a risk of his “substantial” assets in the Emirates being dissipated.

The assets frozen include properties in Abu Dhabi and Dubai, as well as shares in NMC Health, Finablr, BRS Investment Holdings and other companies. It allows for up to $7,000 per week to be spent on “ordinary living expenses and reasonable sum[s] on legal advice and representation”, a DIFC Courts document granting the freezing order shows.

Credit Europe Bank declined to comment when contacted by The National, stating it does not comment on ongoing litigation proceedings. Representatives for Mr Shetty and for NMC Healthcare, which is now being run by administrators Alvarez & Marsal, also declined to comment.

NMC Healthcare was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator, which employed 2,000 doctors and 20,000 other staff. The company was listed on the London stock exchange and at its peak was valued at £8.58 billion (Dh40bn). However, its shares slumped after short seller Muddy Waters Research issued a report in December 2019 alleging the company had inflated its cash balances, overpaid for assets and understated its debts. This led to a string of damaging revelations by the company, including the fact that its debt was materially higher – at $6.6bn – than the $2.1bn on its balance sheet. NMC Healthcare was placed into administration in April by its biggest creditor, Abu Dhabi Commercial Bank, but its UAE businesses continue to trade as a going concern.

Mr Shetty said in a statement issued in April that he has been a victim of fraud committed by "a small group of current and former executives” at companies owned by him. He said bank accounts were created in his name and transactions were made without his knowledge, and that loans, cheques and bank transfers were also fraudulently guaranteed in his name using his forged signature.

In response to the claim filed by Credit Europe Bank (Dubai) at the DIFC Courts, Mr Shetty says he did not personally guarantee loans made to NMC Trading or NMC Healthcare and that the signatures used on cheques guaranteeing the loans are forgeries. His defence cites the opinion of “Dr Al Bah, an independent, experienced and qualified forensic document examiner”, that someone other than Mr Shetty signed the lending agreements and cheques.

An application by NMC Trading and NMC Healthcare to the DIFC Courts to have the claim against it heard in private for fear of triggering claims by other lenders – the group owes money to around 80 local, regional and international lenders – was dismissed, given that the appointment of administrators at the group and allegations of fraud at the company are already in the public domain.

Both companies have indicated to DIFC Courts that they intend to contest the claim against them.

New Delhi, Apr 25: Karnataka Medical Education Minister Dr K Sudhakar on Saturday said that a journalist from Bangalore Urban, who has tested positive for COVID-19, is one out of 15 new cases reported in the state.

He further said that out of the 15 new coronavirus cases, six each are from Bangalore Urban and Belagavi and one each from Mandya, Chikkaballapura and Dakshin Kannada. The state's tally is now 489.

"#COVID19 Update: From 5 pm, 24th April till 12 noon today. A total of 489 cases, 15 positives, 18 deaths & 183 discharges," Sudhakar tweeted.

India's total number of coronavirus positive cases has climbed to 24,506 including 18,668 active cases, 5,063 cured/discharged/migrated and 775 deaths, the Ministry of Health and Family Welfare said today.

Bengaluru, May 9: A three-year-old boy was killed by a leopard in the early hours of Saturday in Magadi taluk near Bengaluru.

According to police, the boy identified as C Hemanth, was sleeping with his parents - Chandrasekhar and Mangalagowramma - outside his grandfather Chikkanna's residence at Kadaraiana Palya.

The couple, residents of Dodderi, near Big Banyan Tree (Dodda Alada Mara), had been staying at Chikkanna's [Mangalagowramma's father] residence since past a few days following the outbreak of COVID-19 epidemic in Bengaluru.

Some of the family members, with the child, had slept outside the residence on Friday as the temperature was high. The feline might have taken the child between 1.30 a.m. and 4 a.m., and killed it on the outskirts of the village, said the sources.

After a frantic search, family members and villagers found the mutilated body of the child in the early hours. The leopard had left the partially devoured body on the outskirts of the village, added the sources.

According to the villagers, many felines have been prowling in the area, probably arriving from forests around Magadi and attached areas, for the last several weeks.

The Forest Department officials said that they have launched an exercise to trap the animal by placing cages with live baits.

According to preliminary investigations, the child was killed by a leopard. Pugmarks were found near the body. A detailed investigation and post-mortem report will find the exact cause for the death.

The incident has sent shockwaves in the vicinity of the village. According to the sources, people are planning to launch a protest to condemn the killing of the boy.

Minister for Forest and Environment B.S. Anand Singh has announced a compensation of ₹7.5 lakh to the family of the victim.

Accompanied by Bengaluru Rural Lok Sabha member D.K. Suresh, Magadi legislator Manjunath and senior officials, Mr. Singh visited the place on Saturday morning.

Addressing media persons, he said that the department has decided to start combing operations for the leopard.

Mr. Suresh said the leopard might have come from Thippagondanahalli reservoir's catchment area on the outskirts of Bengaluru. The leopard has already tasted the blood of the child and hence the department should initiate immediate action [as the chances of the feline becoming a man-eater is high, Mr. Suresh added.